Coming off Fixed Rate in August. Some advice please..

D

dublincelt

Guest
I am hoping for some advice here from the experts. I am due to come of a Fixed Rate mortgage with KBC in August. It is 3 year fixed and the rate is 5.99%. Luckilly I have been able to afford this rate even though it is far higher than a tracker or SVR. I have asked what it would cost to come off this fixed rate and start a new fixed rate. I was told I would have to pay €3,500 for this privelidge before I could obtain a new fixed rate for the next 3 to 5 years. Is my only option to hold out until August? My fear is that the Fixed Rate offering will be above 6% at that stage. Does that look likely at present? I am unsure what to do, but I hope that I can get a rate of less that 6% fixed with KBC for 3 years. Is that a relaistic hope?

Any feedback would be greatly appreciated.
 
What rate does your contract state you will switch to at the end of your current fixed period?

It would be very important to check this before making any decision!
 
Paulk said:
What rate does your contract state you will switch to at the end of your current fixed period?

It would be very important to check this before making any decision!
Click to expand...

Thanks for the prompt reply.

Just rang them. I would revert back to the SVR which today stands at 3.85%. Likely to be different in August though!

To break out of existing fixed, I have just been quoted €2,430.
 
If I was you, I'd also check the contract which you should have a copy of. As in my experience, customer service have told me information which did not always correspond with what was in my original loan offer.
 
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